Issue - meetings

A report from the Executive Director Resources is attached. (Key decision – reference number 5465)

Councillor Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director Resources setting out how the Council’s actual expenditure compared to the original budgeted position for 2021/22. The year end position, and the funding sources and departmental outturn variances in Table 1 were highlighted.

DECISION:  The Cabinet agreed to

1.  Note for 2021/22 financial year the General Fund revenue outturn position of £2.504m underspend, and the Dedicated Schools Grant (DSG) revenue overspend of £4.570m.

2.  Note the balanced position and reserves position as at outturn. The £3m contingency is no longer required to achieve the General Fund forecast outturn and the planned drawdown from reserves of £1.927m will no longer be required, and £5.504m will be added to the Council’s reserves.

3.  Note the Covid-19 impact on the General Fund of £42.356m which is expected to be funded by Government grants.

4.  Note the progress made on the journey to setting a robust and resilient budget.

5.  Request Executive Directors continue to work with Cabinet Members to robustly manage the underlying budget position and implement savings, whilst managing, mitigating and minimising the Covid-19 financial impact.

6.  That Cabinet Members note the forecast level of reserves and implications for 2021/22 and challenging financial position over the life of the MTFP.

7.  Note the emerging financial risks associated with the unprecedented inflationary pressures now facing all Councils for 2022/23.

The report sets out the options considered, if any, and the reasons for the recommendation and the decision. 

(Key decision – reference number 5465)